Avalanche price analysis: AVAX corrects after peaking at $110.9

Avalanche price analysis AVAX corrects after peaking at

TL;DR Breakdown

  • Avalanche price analysis is bearish up till now but may turn bullish later today.
  • Resistance for AVAX/USD is present at $113.
  • Strong support is present at $107.

The Avalanche price analysis is bearish today as the coin, after rallying high yesterday, faced rejection from the further upside at $110 level as this is a crucial resistance zone, and as a result, the coin is correcting at the moment.

As the bullish momentum has been quite steady since 14th December, so we expect AVAX/USD to march further high later today after correcting for a few hours more as there are imminent chances for bulls to make a comeback. If bulls make a breakthrough above $110, then the next pressure phase will be encountered near $113.

AVAX/USD 1-day price chart: trends turning in favor of bulls

The 1-day Avalanche price analysis shows the price has decreased today as the price function entered a crucial resistance zone. The market pressure is high at this level, as this is the higher price envelope for AVAX/USD. AVAX is currently trading hands at $109.6, which amounts to $1 in correction today. The cryptocurrency had gained around 6.5 percent value during the last 24 hours and has gained a value of 32.4 percent over the course of the last seven days due to the aggressive bullish momentum of the past week when the AVAX/USD pair was successful enough to divert the trends. AVAX/USD trading volume has also increased by 35.3 percent, and the market cap has also improved by 5.4 percent.

Avalanche price analysis: AVAX corrects after peaking at $110.9 1
AVAX/USD 1-day price chart. Source: TradingView

The AVAX/USD shows high volatility at the present time as the Bollinger bands are expanded, but the indicator has not taken a breakout in any direction yet. The mean average of the indicator represents support for the price at the $98 mark, and the upper end of the indicator at $124 represents resistance for AVAX at $124.

The relative strength index (RSI) is trading in the upper half of the neutral zone at index 56. The RSI curve shows an intense fight between bulls and bears for dominating the price function.

Avalanche price analysis: Recent developments and further technical indications

The 4-hour Avalanche price analysis shows the price progression is mostly upwards from the past few days as the trends have changed for AVAX. The crypto pair made good progress yesterday but started to correct after reaching $112.95. The correction continued at the start of the current trading session as well, but bulls have appeared in the last four hours again as the price has started its upwards progression again.

Avalanche price analysis: AVAX corrects after peaking at $110.9 2
AVAX/USD 4-hours price chart. Source: TradingView

As can be seen on the 4-hour price chart, the volatility has been high since 15th December, when the Bollinger bands diverged. In the present circumstances, the upper band at $117 presents the resistance level for AVAX/USD pair. In contrast, the mean average of the indicator at $102 presents the support.

The RSI is hovering near the overbought region at index 64, and the indicator’s curve has turned horizontal, indicating a competition between the two sides of the market, as the buying activity is canceling out the selling pressure.

Avalanche price analysis conclusion

The Avalanche price analysis is yet bearish today as the price is still comparatively on the lower side from yesterday’s price cap, but as the trend has changed and the bullish momentum is strong, and bulls have already reappeared, which is evident from the price direction of the last four hours. We expect the AVAX to continue upside in the later hours of the trading session after facing some more pressure around the $110 range.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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